NATIONAL MORTGAGE CO.

New Zealand Herald, Volume LXXI, Issue 21758, 24 March 1934, Page 7

NATIONAL MORTGAGE CO.

IMPROVEMENT IN POSITION BALANCE-SHEET DETAILS 'The report of the directors of the National Mortgage and Agency Company oi: New Zealand, Limited, to hand .from London by mail, states that the course of the company's business in New Zealand during the year ended September 30 showed improvement as a result of the rise in meat and wool. The position of dairy produce, however, remained very unsatisfactory. The accounts, preliminary "details of which were published ia the Herald on February 21, show a net- profit of £18,420, without allowing for the appropriation of £3719 made to staff superannuation and provident fund. This is an increase of £13,315 on the previous year's earnings. Dividend was maintained at 5 per cent. The balance-sheet shows loans and advances at £794,688. as against £867,379 a year ago. Cash items have risen by £129,499 to £457,879, while investments in London have risen from £112,864 to £212,478, and those in New Zealand contracted to £94,224 from £104,895. The gross profit for the year was £110,532, as against £107,150 in the previous year. SHEEPSKINS AND HIDES GOOD DEMAND IN WELLINGTON [bt telegraph—press association] WELLINGTON", Friday Prices were generally firm at the Wellington sheepskin and hide sale today. In view of the cabled decline in values of sheepskins in London it was expected that values might show a slight drop, but they remained firm at the level of the last sales, any change being in favour of sellers. Hides were well competed for, with a slight easing in values for cows. Ox sold fully firm at last sale's level,-\rith a strong: demand from both tanners and exporting firms. Kip was in keen request and showed a good advance,- except for heavier weights. Values for calfskins hardened slightly.